Here is a great video that goes into detail about Registered Education Savings Plans that can be used to save for your child’s education. It is a little dry but worth the 5 minutes of your life so you can know what they are all about.
In my opinion RESP’s are the second best choice for paying for your child’s post secondary education. The best option by far, is to have your child go to college or university in your city of residence. That way they can live at home while going to school and save a ton of money in the process. If they work a decent summer job from May until September, they should be able to save enough for their tuition and books. They be able to hold down a part time job to give them some spending money for entertainment when they need to unwind and get away from studying.
Of course this won’t work if it is not possible to get their education in their home town. In that case their RESP will be there for them.
If you want more information check out Padgett Business Services. They are based in Calgary but can help you anywhere in Canada, and they do have someone that speaks French. Here is their address: 2808 41 Street SW Calgary, AB T3E 3K8 (403) 220-1570
If you are in Edmonton their office is Padgett Accounting Edmonton at 3-10020 29a Avenue Northwest Edmonton, AB T6N 1A8 (780) 468-4435